Three best strategies for business success

November 27, 2017

In “Top 10 Strategies for Business Success”, business owners can meet the right people and finish their work. But first, you need to know what these jobs are. “In Business magazine identified the next ten action areas that are equally important to corporate success. An important ranking is not planned. Rather, they are presented in the most abundant order.

1. Planning, planning, planning

“We need a destination, we need a map to go there.” That is the role of the business plan, Bob Wilson, co-director of Stoney-Wilson Business Consulting, specialized in meeting the needs of small and medium enterprises I am doing. The key to exercise is honest SWOT analysis (strengths, weaknesses, opportunities, risks). Wilson wants others to see plans like lenders, insurance companies, and guarantor companies, but “the main reason you wrote is yours, you want to be.

The business plan helps the employer think about the problem and understand the problem. This is a short-term plan of 12 months compared with the long-term strategic plan. If the deadline is shortened, you can take action more accurately to achieve important initiatives. Joint Director Julie Stoney recommends that you focus on only three or five important initiatives as each initiative requires several steps. At the stage of “business growth”, for example, acquisition of complementary business, development of new product line, franchise and so on are available.

Competitive knowledge is an important part of the business plan. “In order to be competitive, we need to understand what competition is doing, such as price and service level,” says Stoney. “This will also help you to determine if there is something that complements your business and you can identify the holes in your organization or industry that can tackle what you need.

The advisory board is also useful for business owners. “At the Advisory Committee, business owners are surrounded by many specialties and will be his cornerstone in the future,” says Stoney, who points out many business owners. “The Advisory Committee also strengthens accountability to the business plan – a new step on what is being said, what has been done.

2. Funding for a successful business

Proper and appropriate financing is a constant need for healthy business. Jerry Mills, founder and CEO of B2B CFO, says, “Depending on when and when to rely, as business grows, depending on when. In addition to the planned growth strategy, he said, “We are always surprised that we do not know,” such as the Ministry of Labor Audit, the Environmental Protection Agency (EPA) regulation, the substantial increase in health insurance premiums and debt insurance premiums.

For this reason, I advise the business owner to establish a relationship with the bank before it needs a loan. When considering hurrying to the bank in the event of an emergency, the bank says, “This situation does not work well in this situation” and states the Dodd-Frank law and other regulations that the bank had to follow since 2008 . It is difficult to make a loan for them.

When recommending community banks to be easier to use than domestic banks, the company does not need loans and credit cards, but only for loan and credit card development, it requires loans and credit cards. Personal relationship with the bank. This is the strategy that he recently pursued for his company. “My company has no debt, but I have something I’d like to do in the future, and if I get one within 20 minutes, looking for a credit card, I will shop with him and buy” working capital etc. It is beneficial to make a loan with a bank if it is necessary for difficult money “It is easier for a banker to say” yes “. When you come to the credit committee, he knows you for a long time and you can say that he always surpasses you.

3. Branding, marketing, images

Bean Lane CEO of LaneTerralever’s full-service strategy marketing agency says that branding and marketing are an integral part of business. “That’s the way the world sees you.” In today’s networked world, there are more channels to reach people today, but Lane recognizes that the essence is still in good communication I will. “I understand your customer and you can see how customers respond to what you say” It is simple and easy-to-understand definition, what is best conveyed. Mr. Lane says that with a small screen and a limited amount of time, “In exciting and exciting things in today’s world there are other ways to interact with customers.” In addition, in the digital world, companies can track results and check customer behavior and how to respond.

However, among other things, Lane claims the importance of the strategy as a basis for marketing measures. “Creating marketing materials is easy, but if you have a solid strategy behind a strategy that focuses on your goals and focuses on those you want to deal with, you will be magical.”

Social media can bring great benefits to business and build networks of supporters, friends and believers, but Lane warns that values ​​must be in relationship. “Contributing to the dialogue and adding value to the offer in the market is successful, but there is a possibility that harm would happen if the value is not worth the content” and while it can help and maintain the relationship, “For the two people who are looking at each other with eyes” replace, Lane says. He says business is expressed as “contact sports”, saying that relationships and trust are necessary, he says he is in the best position to face people.